Home to one of the biggest and busiest shopping malls in the United States, Aventura and its extension of neighboring North Miami are being redefined by a luxury development boom delivering a new face for the area and attracting a fresh crowd of buyers.
Situated across Biscayne Bay from prestigious Bal Harbour, North Miami is in the midst of a multi-billion-dollar transformation:
- A whopping 411% increase in the number of residential units from 2019/2020 to 2021/2022, plus the impressive 184-acre SoLé Mia community from Jackie Soffer and Richard LeFrak
- Adding 7 new schools, spanning elementary to college
- Of the neighborhood’s 2,280 active businesses, 19% opened in 2022
Just north in Aventura, the highly sought after city has seen a continued surge in pricing amid increasing interest in the area and low inventory. According to the Q1 2023 Market Report from ONE Sotheby’s International Realty:
- The single-family home median sales price jumped 25% YOY to $1,237,500 in Q1 2023, from $990,000 in 2022.
Nestled between Fort Lauderdale and Miami, North Miami and Aventura are luring affluent and family-focused buyers, ranging from local to international, with their close proximity to the nation’s best shopping, highly ranked schools, international airports, abundant medical facilities, connected railway system, and more.
The neighboring cities are seeing an unprecedented inflow of interest with economic expansion–and responding with a multi-billion-dollar development boom that addresses future generational needs.
North Miami’s skyline is undergoing a significant transformation, with a dozen approved projects and more under review.
- The sprawling SoLé Mia community in North Miami, developed by Jackie Soffer’s Turnberry Development and Richard LeFrak’s LeFrak Organization, has plans for thousands of residential units among several towers and 1.5 million square feet of retail and commercial space, plus a 10-acre world-class University of Miami UHealth Medical Center slated to open in 2025. This future of residential development is one where everything–shopping, dining, medical, fitness, water frontage with private access–is within the community. Among the residential offerings, ONE Park Tower by Turnberry’s 33-story tower will deliver 299 bespoke luxury residences overlooking South Florida’s first 7-acre swimmable lagoon.
- Aliro Luxury Apartments, 1820 NE 142nd St: Approved to add 519 additional residential units to the existing 870 residential units, along with a 22,000 SF amenity center and an attached 260 stall structured parking garage
- Allure of North Miami, 1810 NE 146 St: Approved to build a 2-acre residential multi-family apartment complex to consist of 360 units with a percentage of affordable housing options for the community through City of North Miami’s Community Redevelopment Agency (CRA) Department
- La Maison, 1850 NE 123rd St: Approved to develop a mixed-use project featuring 297 residential rental units and 18,500 SF of commercial (retail and restaurant) space
- Manor Biscayne, 1650 NE 124 St: Approved to develop a 2-acre residential multi-family apartment complex with 382 units
- NoMi Square, 13855 NW 17 Ave: Approved to build a 7-story mixed‐use development with 338 dwelling units, 4 live-work units, and a linear public park
- North Miami Condos, 840 NE 130th St: Approved to build a 6-story, 67-unit luxury multi-family residential project with sustainable green building design and transit-oriented development components
- Oleta, NE 151st St & NE 20th Ave: Approved for 5.5-acre mixed-residential development with four residential towers (two 20 & 8 story buildings) housing 832 units with nearly 20,000 SF of commercial and restaurant space
- The Gardens Residences, 12640 NE 12 Ave: Approved to build a 3.7-acre multi-family apartment complex consisting of 369 units with a percentage of affordable housing options for the community through City of North Miami’s Community Redevelopment Agency (CRA) Department
- Anticipated projects under review include:
- Biscayne Bay North Miami, 1660 NE 127 St & 12600 NE 17 Ave: Proposed 20-story mixed‐use development with 450 units and nearly 13,000 SF of ground floor commercial and retail space
- Icon Residences, 2305 NE 123 St: Proposed 10-story residential development with 54 luxury condominium units and a public access to a bay-walk
- North Miami Hotel & Convention Center, 13860 NW 6th Ct: Proposed 20-story hotel and convention center
- Prestige City View Apartments, NE 14th Ave, South of NE 123 St: Proposed 20-story mixed‐use development with 585 units and 28,000 SF of retail, restaurant and office space.
- The Hill at Gardens District, 1111 NE 125 St & 1125 NE 125 St: Proposed construction of two one-story non-residential buildings spanning 10,830 SF for restaurant and office spaces; revitalization of a 4-story office building; and 51,017 SF of open space for patrons
Luxury projects are on the rise across the board in Aventura, including significant infrastructure for the new Brightline station and an open-air shopping concept renovation at the namesake mall.
- Esplanade at Aventura Mall, 19505 Biscayne Blvd: Currently building 8 freestanding buildings ranging from 2-5 stories, 216,129 SF of gross leasable area, and 868 parking spaces in surface and structured parking
- Two Turnberry, 2750 NE 199 St: Approved to develop the property with a 14-story mixed-use development that will house the Brightline’s new Aventura station
- Aventura Corporate Center, 20801 Biscayne Blvd: Approved to develop mixed-use project with residential, retail and offices
- Centtral Aventura, 20955 Biscayne Blvd: Approved to build 135,100 SF of retail, restaurants, fitness center, and a Hyatt House Hotel
- Tal Aventura, 2785 NE 183rd St: Approved to build luxury residential tower
- Anticipated projects under review include Turnberry Isle Yacht Club’s proposed two 24-story residential towers at 19500 NE 36 Ct and ICON Aventura/Aventura 2999’s proposed 26-story, 308-unit residential project at 2999 NE 191 St.
